Is Pfizer a reasonable buy?

I've been keeping up with Pfizer for a while and it seems the wind has really been taken out of sail for this once pandemic high flyer.

Why I think Pfizer is attractive is twofold, valuation and pipeline. For valuation, it is currently trading bellow it's historical in P/E of 15 (currently 10) and P/FE of 25 (currently 15). The valuation is so cheap that Pfiizer is trading bellow its 2019 levels despite having a better balance sheet and having acquired two small pharma companies, and in the process of acquiring a large one. Yes they've had to raise debt for the Seagen acquisition but the previous two have been paid in cash and essentially artifacts of the Covid vaccine success.

Next is their pipeline which has many candidates that are reason to be excited about. Notably is Danuglipron is their current GLP-1 candidate. The initial Phase two results showed that it's not as viable for diabetes as obesity but the larger market is obesity regardless. At high doses, Danuglipron is more effective than Rybelsus for obesity as oppose to less effective for diabetes, which is a significant step in the right direction with a caveat. Unlike many commercial GLP-1, Danuglipron is a twice oral drug rather than an injection like Monjourno. There is notably only one competitor in this market and that is Novo Nordisk with Rybelsus. For other commercialization endeavors, the US government ending their paxlovid contract now allows Pfizer to market it directly. this should make the product much higher margin as has been disclosed that the list price has more than doubled.

All Pharma stocks are in the dumpster in 2023 but this one more than most. Naturally, sentiment has been bad with the vaccine companies for the past two years, but how are you feeling about $PFE now?

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